Diary of a 315 Trader
- Thread starter trade4putuval
- Start date
- Tags fibo levels ichimoku smc swing trade
Daily
JP has fallen a lot since going below 100. Some of the technical facts looks promising for long trades.
315:
Spot 15EMA last touched on 10th Jan 2013. Currently 5th week on till Thursday. As per 315 correction strategy, price has to touch 15EMA by the 6th week. 15EMA at the moment stands at 80.75.
50 SMA:
Very far from 50 SMA, bearish trend started when price was at 96. No guidance in this area!
Ichimoku:
Kijun has flattened out in daily. Tenken stands at 80.7 same as 15EMA. So 2 indicators in favor of 80.7 target.
Forward Cloud support stands at 84. At the moment, the price has moved very far from the cloud indicating price inequilibrium. Whenever inequilibrium sets in, price tends to move towards the cloud. Looking at the cloud towards the right, the cloud has dropped considerably till 84, which means the likely target for upside stands at 84.
Backward Cloud support is seen at 70. If this is broken, we can see price retracting to 61 to form a double bottom.
Patterns
RSI stands at 21.
I do not see if this is reliable. But a reverse cup and handle pattern is getting formed.
Weekly
Weekly shows some more downside till 69 before there is a bounce back
315:
3EMA stands at 76.3, which is currently not touched by the candle.
Ichimoku:
Price has entered the cloud, cloud bottom stands at 69. So most probable case is this becoming a very strong support.
Patterns
Following points to note.
Support lines drawn from recent lows is very near to the cloud bottom.
Monthly
Monthly shows the candle touching the support trendline.
Daily
Bharat Forge looks promising in charts. Yesterday was supposed to be the day to make an entry. Sorry about not posting this yesterday. But then we are not too late.
315:
Spot 15EMA is 230.4. Nothing to derive from 315.
50 SMA:
Very far from 50 SMA, bearish trend started when price was at 260. No guidance in this area!
Ichimoku:
Kijun has flattened out in daily. But then Tenken stands at 227.3 not far from the current price. So nothing to derive here too.
Forward Cloud support stands at 234.5 - 245.5. At the moment, the price has moved a little far from the cloud indicating price inequilibrium. Whenever inequilibrium sets in, price tends to move towards the cloud. Looking at the cloud towards the right, the cloud has dropped considerably till 245.2, which means the likely target for upside stands at 245.2.
Patterns
RSI moving out of the oversold zone.
Price looks to have bounced from the support line at 209 (which I had not noticed earlier)
Yesterday's candle looks like bullish piercing pattern indicating start of the bullish trend.
Weekly
Weekly shows price recovering above the oversold zone with a bullish piercing pattern.
315:
Nothing to derive here.
Ichimoku:
Tenken stands at 247.7 which is near to the daily cloud bottom.
Patterns
Bullish piercing pattern in weekly.
Price has moved out of oversold zone.
Monthly
Monthly shows the candle as a hammer, but then we got more days ahead, so it looks the price will stick around this range for a while.
In summary, we will need other guidance like 5 mins and 30 mins to time our entry.
Daily
JP has fallen a lot since going below 100. Some of the technical facts looks promising for long trades.
315:
Spot 15EMA last touched on 10th Jan 2013. Currently 5th week on till Thursday. As per 315 correction strategy, price has to touch 15EMA by the 6th week. 15EMA at the moment stands at 80.75.
...
Ichimoku:
Kijun has flattened out in daily. Tenken stands at 80.7 same as 15EMA. So 2 indicators in favor of 80.7 target.
Forward Cloud support stands at 84. At the moment, the price has moved very far from the cloud indicating price inequilibrium. Whenever inequilibrium sets in, price tends to move towards the cloud. Looking at the cloud towards the right, the cloud has dropped considerably till 84, which means the likely target for upside stands at 84.
Backward Cloud support is seen at 70. If this is broken, we can see price retracting to 61 to form a double bottom.
...
Weekly
Weekly shows some more downside till 69 before there is a bounce back
315:
3EMA stands at 76.3, which is currently not touched by the candle.
...
Some points worth noting.
- The hammer pattern in daily after a long bearish trend.
- Looking at the swing in the middle of bearish trend, 88.75 is the price from which the active bullish trend will start. Till then, when the price crosses 80, it is always short on rallies.
- 88 corresponds to 50% of Fibonacci series of the trend, 105-69.
Ideally, we wait for 5 minutes chart to cool down and enter somewhere near 71.5.
Daily
Bharat Forge looks promising in charts. Yesterday was supposed to be the day to make an entry. Sorry about not posting this yesterday. But then we are not too late.
...
Ichimoku:
...
Forward Cloud support stands at 234.5 - 245.5. At the moment, the price has moved a little far from the cloud indicating price inequilibrium. Whenever inequilibrium sets in, price tends to move towards the cloud. Looking at the cloud towards the right, the cloud has dropped considerably till 245.2, which means the likely target for upside stands at 245.2.
...
Weekly
Weekly shows price recovering above the oversold zone with a bullish piercing pattern.
...
Patterns
Bullish piercing pattern in weekly.
Price has moved out of oversold zone.
Monthly
Monthly shows the candle as a hammer, but then we got more days ahead, so it looks the price will stick around this range for a while.
In summary, we will need other guidance like 5 mins and 30 mins to time our entry.
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